Coinbase Eyes Acquisition of Brazil's Mercado Bitcoin
Coinbase aims to expand its presence in Latin America by exploring the acquisition of Mercado Bitcoin, bolstering its growth strategy.
Highlights:
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Coinbase considers buying 2TM, Brazil's largest crypto exchange.
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The deal could value 2TM at around $2.2 billion.
Coinbase is reportedly exploring the acquisition of 2TM, the parent company of Mercado Bitcoin, Brazil's largest cryptocurrency exchange. According to Brazilian media outlet Estadão, this potential deal could value 2TM at approximately $2.2 billion. The acquisition discussions are part of Coinbase's broader strategy to expand its footprint in Latin America, a region that has seen significant growth in cryptocurrency adoption.
Mercado Bitcoin, founded in 2013, has established itself as a leading player in the Brazilian crypto market, boasting over 3 million users and facilitating billions in transactions. The exchange has also been involved in initiatives to develop a central bank digital currency (CBDC) for Brazil, collaborating with the Stellar Development Foundation on this project.
While initial talks between Coinbase and 2TM were reported to be nearing completion, they were ultimately scrapped earlier this year. However, renewed interest from Coinbase indicates a persistent ambition to enhance its market presence in Brazil and capitalize on the growing demand for digital assets in the region. As regulatory frameworks continue to evolve in Brazil, Coinbase's potential acquisition could position it favorably within the competitive landscape of Latin American cryptocurrency exchanges.
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